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57 U. Pitt. L. Rev. 129 (1995-1996)
New Business Options in Pennsylvania: A Critical Analysis of the Pennsylvania Limited Liability Company and Limited Liability Partnership Act of 1994

handle is hein.journals/upitt57 and id is 139 raw text is: NEW BUSINESS OPTIONS IN PENNSYLVANIA: A
CRITICAL ANALYSIS OF THE PENNSYLVANIA LIMITED
LIABILITY COMPANY AND LIMITED LIABILITY
PARTNERSHIP ACT OF 1994
TABLE OF CONTENTS
I.  Introduction  ......................................  130
II. Pennsylvania Limited Liability Company Act ......... 133
A. Definitions, Formation, Organization, and Powers . 134
B.  Taxation  ....................................  137
1. Federal Tax Considerations ................ 137
a.  Limited  Liability .....................  140
b.  Centralization of Management ......... 142
c.  Continuity  of Life ....................  144
d.  Free Transferability of Interests ........ 149
2. State Tax Considerations. ............... 152
C. Restricted Professional Companies .............. 155
D. Foreign Entities and Interstate Business .......... 156
E.  Securities  Issues ..............................  157
F.  Conversion  to  an  LLC  ........................  159
III. Pennsylvania Limited Liability Partnership Act ........ 160
A. Creation of an LLP in Pennsylvania ............. 161
B.  Limitation  on  Liability  ........................  161
C. Foreign Entities and Interstate Business .......... 165
D .  Taxation  ....................................  166
IV. Comparison of LLCs and LLPs With Other Choices of
O rganization  .....................................  167
A. Limited Liability Companies ................... 168
B.  Corporations  .................................  169
1.  C  Corporations  ..........................  169
2.  S  Corporations  ..........................  170
C.  Partnerships  .................................  174
1. Limited Liability Partnerships ............. 174
2.  General Partnerships  .....................  175
3.  Limited  Partnerships  .....................  176
V .  Conclusion  .......................................  179

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